Protect Your Cryptocurrency: Enhance Online Security with CZ's Tips!

Changpeng Zhao (CZ), the founder and former CEO of the cryptocurrency exchange Binance, once again warned his followers about phishing attacks. In a message shared on social media, he emphasized that passwords should never be shared with customer service representatives under any circumstances. He also advised to log into websites by entering the URL into the address bar instead of clicking on links in emails. Emphasizing that even a single leak can put the entire portfolio at risk, CZ described a strong and unique password along with hardware-based two-factor authentication as "essential". The first line of defense against online fraud: Password security Password security remains the weakest link in phishing attacks. The fundamental rule emphasized by CZ is "Real support staff never ask for your password," which is very understandable.

As we know, today's scammers deceive cryptocurrency investors by using panic-inducing scenarios such as "your account has been locked" or "additional verification needed". CZ suggests manually entering URLs or using trusted bookmarks to avoid such traps. Malicious browser extensions can even direct users to fake domains. Therefore, sometimes the only shield protecting a person's cryptocurrency assets is to verify the URL in the address bar multiple times.

CZ emphasizes that using a single password across multiple platforms can make the rest of the chain vulnerable to attacks. Password managers come into play here by creating long, random, and unique combinations for each website. These software programs provide additional alert functionality as they do not automatically fill in passwords when a spoofed domain is detected. When set up correctly, compromised character strings from leaked databases become useless for other accounts. Therefore, the potential impact of malicious spoofed websites is significantly reduced. Use hardware-based 2FA verification method. Of course, a strong password alone is not enough to ensure comprehensive protection. CZ recommends choosing hardware-based two-factor authentication as an additional layer of security. Keys like Yubikeys, which work via USB or NFC, require physical confirmation when logging in, preventing most phishing campaigns. Some models even establish a cryptographic link directly between the device and the website that requires login through the FIDO2 protocol. Even if an attacker copies the actual domain, the key still detects the mismatched domain and denies access. As the surface for online attacks expands, SMS-based codes are becoming increasingly inadequate. SIM swap attacks and QR codes can expose the risks of mobile verification. However, hardware tokens provide uninterrupted protection and can be carried in a pocket or on a keychain. Furthermore, most modern exchange applications and wallets recognize these devices in just a few steps, shortening the setup process to just a few minutes.

CZ's final call is "Always stay safe!" which is understood as a comprehensive security prescription requiring a combination of password management with 2-factor authentication (2FA) based on hardware.